Total’s CEO to visit Yamal LNG

Total’s Chief Executive Patrick Pouyanne will visit the $27 billion Yamal LNG project in Russia in which the French company has a 20% stake.

Total’s spokeswoman told Reuters that this visit highlights that the company still finds Russia as an important source for growth in the future production.

The Yamal LNG project operated by Novatek has a planned production of 16.5 mtpa and is scheduled to start in 2017.

The project is facing strict U.S. and EU sanctions due to Russia’s involvement in the Ukraine dispute and is currently looking for funds in order to complete the financing of the project and the Russian government is firmly behind the project that has reached the 25% of completion mark.

Novatek recently managed to secure $1 billion loan from the Russian development bank VEB and it was noted that the project will be co-financed by VEB together with Sberbank and Gazprombank.

Total confirmed its intentions to keep pushing the Yamal LNG project forward, together with Novatek and CNPC of China despite the sanctions.